Written by Miranda Marquit on December 2, 2013

Most of us have heard of the “Latte Factor.” The idea is that cutting out small costs from your spending can add up big over time. However, having to cut every little thing can get tedious over time. To make matters worse, these little expense have to be cut over and over again. You always have to decide not to have that latte or see that movie.

Instead of focusing on the little pleasures in life, start looking for places where you can cut back on a larger scale. On top of that, understand that the great thing about these larger money moves is that you only have to make them once -- but the savings remain month after month.

1. Transfer Credit Card Balances to a 0% APR Credit Card

One of the best ways to save money on high interest credit card debt is to transfer it to a 0% APR credit card. A balance transfer can save you in interest charges every single month, and help you pay off your debt faster. If you are paying 19.99% on your credit cards, and you can transfer your balances to a card with a 0% APR, you can save anywhere between $50 and $150 every month, depending on how much you owe. Reducing the amount of credit card interest you pay can be a huge deal over time, and save you much more than cutting out a couple of lattes each week.

2. Refinance Your Auto Loan

How much are you paying on your auto loan? If you originally got your loan when you had to accept a higher interest, such as 6% or 7%, you might be able to refinance to a much lower rate. Say you financed a car with a 60-month loan for $15,000 at 6%. Your payments would be around $289.99.

Now, two years later, you have a balance of $9,532.33. You decide to refinance that amount to a 48-month loan at 2.34%. Now your monthly payment is $208.22. You save a little more than $80 a month, just be refinancing your auto loan. (Add to the savings by shopping around and saving a little more on car insurance.)

3. Refinance Your House

The biggest way to find savings, though, is by refinancing your home. You can save as much as $300 or $400 each and every month with a home refinance. Refinance your home to a lower rate, and get a 30-year mortgage as part of it, and you can significantly improve your monthly cash flow.

If you haven’t re-vamped your loans in a while, consider making all three moves. Transfer your credit card balances, refinance your car and home loans, and you could open up as much as $500 -- or more -- in your monthly budget.

Most of us have heard of the “Latte Factor.” The idea is that cutting out small costs from your spending can add up big over time. However, having to cut every little thing can get tedious over time. To make matters worse, these little expense have to be cut over and over again. You always have to decide not to have that latte or see that movie.

Instead of focusing on the little pleasures in life, start looking for places where you can cut back on a larger scale. On top of that, understand that the great thing about these larger money moves is that you only have to make them once -- but the savings remain month after month.

1. Transfer Credit Card Balances to a 0% APR Credit Card

One of the best ways to save money on high interest credit card debt is to transfer it to a 0% APR credit card. A balance transfer can save you in interest charges every single month, and help you pay off your debt faster. If you are paying 19.99% on your credit cards, and you can transfer your balances to a card with a 0% APR, you can save anywhere between $50 and $150 every month, depending on how much you owe. Reducing the amount of credit card interest you pay can be a huge deal over time, and save you much more than cutting out a couple of lattes each week.

2. Refinance Your Auto Loan

How much are you paying on your auto loan? If you originally got your loan when you had to accept a higher interest, such as 6% or 7%, you might be able to refinance to a much lower rate. Say you financed a car with a 60-month loan for $15,000 at 6%. Your payments would be around $289.99.

Now, two years later, you have a balance of $9,532.33. You decide to refinance that amount to a 48-month loan at 2.34%. Now your monthly payment is $208.22. You save a little more than $80 a month, just be refinancing your auto loan. (Add to the savings by shopping around and saving a little more on car insurance.)

3. Refinance Your House

The biggest way to find savings, though, is by refinancing your home. You can save as much as $300 or $400 each and every month with a home refinance. Refinance your home to a lower rate, and get a 30-year mortgage as part of it, and you can significantly improve your monthly cash flow.

If you haven’t re-vamped your loans in a while, consider making all three moves. Transfer your credit card balances, refinance your car and home loans, and you could open up as much as $500 -- or more -- in your monthly budget.

About Miranda Marquit

Miranda is a freelance writer and professional blogger specializing in financial topics. Her work has appeared in numerous media, online and offline. Her blog is Planting Money Seeds.

Banks and Mortgage Lenders

Insurance Companies

Peklava LLC, is a Marketing Lead Generator and is a Duly Licensed Mortgage Broker, as required by law,
with its main office located at 78 Deer Run Rd. Red Hook, NY 12571, Peklava LLC, DBA RateZip.com NMLS ID 1592292. NMLS Consumer Access.
This site is directed at, and made available to, persons in the continental U.S, and Hawaii only.
Mortgage Loan Products, Origination, Services, and Lead Generation not available in New York or for New York Consumers.